general rule NO, but check with your state to be sure
Your Answer
Related Questions
Do you need a repossession license to work for a repossession company in Michigan?
only a drivers license
Do you need a repo license to work for a repo company in Florida?
yes
Are there any car repo companies in Detroit Michigan?
Yes, there are. Most repossession services are actual towing companies who also do repossession work.
What is the difference between voluntary repossession and regular repossession and the pros and cons with it?
Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.
Can a repo take place at your work in Florida?
A repossession can be executed anyplace or time that a person holding the repossession order sees the vehicle in question, as long as the repo man does not violate the law in doing so. That said, Florida law does not restrict repossession according to location.
How do you go about finding work as a repo agent in Alabama?
contact your repossession companies, car dealerships in your area
How can you get a job at repossessing cars?
you need to contact lenders/banks to find out what their requirements are:trucks, insurance, etc. if your still interested make some calls to local guys and see if they are hiring. Unless you are trying to start your own repo company, calling lenders is not necessary. Try looking up "Repossession" in your local phone book and make some calls. Find out what the requirements are to work for them. Some states, like California, say that you have to have an individual license to do repossessions. To get that license you can't have a criminal record. It only takes a minute to make a call. Isn't that where the money is in starting your repo business?
Is there a place to find rules and regulations for repossessing vehicles in the state of Indiana?
If this is a contract sale of a motor vehicle, then Indiana Code 26-1-9.1-609 "Secured Party's right to take possession after default". In Indiana - self help repossession is permitted as long as there is no breach of the peace. WHOOPS - you want to be a repo man. There are no specific licenses for repo in Indiana. You'd have to check with your insurance company about bonding. The private detective field and repo field are closely related. You might check with the Indiana Secretary of State, Indiana Attorney General's office or you can call Indiana Professional Licensing Agency 317-234-3040 but that is mainly for PI work license.
If you move to Florida can you still get your car repo?
Yes. The repo company I work for goes out of state at least once a month to get a repo because the owners have moved, I don't believe any state will stop a repossession just because the car was moved to a different state.
Can they repo you vehicle with a work trailer connected?
They can disconnect the trailer, but, if that trailer isn't included in the order for repossession, they cannot take it - doing so is theft, and a crime.
If there is a repo fee on your account does that mean they are trying to repossess your car?
Good question...how did you find out about the repo fee?? Have you been repoed before?? Are you in default now?? If you're not in default, dont worry about it, hope they repo it so you can sue them.... IF you ARE in default, pay up today Yes that is what it means. If you were behind on your payments and didn't call the lender to work out a deal before a repossession order was issued, Then you payed before a repo agent picked it up you are responsible to pay the repo fee and the lender is responsible for calling off the repo. If you have payed and the lender failed to call the repo agent and you get repoed you can bring up ''wrongfull repossession charges'' and that falls on the lender. In your signed contract you agreed to this and so did the lenders. The above response is incorrect THE LENDER CANNOT CHARGE YOU FOR SOMETHING (a repo in this case)WHICH HAS NOT TAKEN PLACE !!!!!!!!!!!!!!!!!!!!!!!!!! IF they try too.... SUE them and there "agents"
How do you find repo agencies in your town?
go to the court house where you get a business license and look over the ones granted a license. this info is open to the public. or you can call different banks and ask, some lending companies, automobile dealerships. some have their own people that do that work or they hire a outside repo company to do their work. check the coffee shops late at night
How much money do you get paid for repossessing a car?
I'm sure it depends on where you are, but the finance company that I used to work for paid between $150 and $300 per car, depending whether the customer voluntarily surrendered the car or whether the repo agent had to take it.
What are the consequences of voluntarily repossessing a car after having it for 6 months?
Credit will be ruined for 7 years. You will also pay the difference in what the lender sells the car for and the balance on the note, and possibly the repossession fees. Avoid this if at all possible. Talk to the lender and see if you can work this out.
If you voluntarily offer your car for repo in Colorado How much of the remaining debt can you be liable for?
The difference in what the car sells for and the balance on the loan, plus repo, and administrative costs. Very, very, bad idea to allow this to happen. Sit down with the lender and work something out. They do not want to repo your car. Voluntary repossession hurts your credit just as much as them initiating the repo. Your credit will suffer for 7 years. Do not allow this to happen, if at all possible,
When you volunteer for a repossession how do they get the balance after they sell the car at auction?
You pay lump sum,total. OR they garnisgee your wages. Take your pick. There are NO payments after sale. There is no such thing as voluntary repo...a repo is a repo.... it screws you if you give the car back or not.They can sue you to try and get the balance or you can work out a payment plan be very careful dealing with lenders read everything get it writing do not trust them over the phone.
When repossessing a car what format does a tow company have to follow?
not sure what you mean by format. the repo man can pick it up at your house,work ,shopping center, or were ever they find it "parked". they can not take it when your driving.{i mean,they can't pull you over or any thing like that}
Can a repo service come into your job and confront you and question the where abouts of the vehicle?
Yes. Under the self-help repossession laws a repossession agent can contact you at work and request the location of the vehicle. If, however, you request in writing of the repossession agency that you no longer be contacted at work, the agency is required by the Graham-Leach-Bliley Act, and the FFDCPA to cease all contact with you at your place of employment, unless they have no other means of contacting you, and then only to notify you of changes in the status of the recovery of the vehicle or the account.
If you have not been given a repo notice yet can you pay half of the past due balance and still avoid the repo?
You don't have to be given "any notice" of an impending repossession. That is all covered in the fine print that you signed when you got the loan or bought the car. Best thing is to contact your lender and see if you can work something out.
Due you need a license to repo cars?
In some states but not all. Each state has its own requirements. Some require a license to repo. Some require a collections license. Some prohibit previously convicted felons from obtaining licensure or certificates to do repossessions. Some reuire only insurance. Contact your states licensing bureau for details in your individual state or the states in which you hope to work.
How do you start a collateral repossession company in South Carolina?
There are no particular laws pertaining to starting a repo company in SC. Of course you must follow the no breach of peace laws which apply everywhere. Some cities in the state require a business license some do not. Most all counties do not. There is no "repo licensing" in SC or NC. Most clients of any size will require that you have a 3 Million aggregate insurance policy covering wrongful repossession along with a One million dollar dishonesty bond. Some clients require certification through a national certification course such as the C.A.R.S. program. Much would depend on the clients you intend to work for.
If your loan is current and you turn the vehicle back in to the lender can it still be reported as a repo?
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
When repossessing a vehicle on private property can the repo co take the vehicle without serving some kind of paper work in North Carolina?
YES, repoing a car is NOT trespassing. They are there for a lawful reason. IF you ask for paperwork, it would be polite for a recovery agent to show you the papework. Unfortunately, FEDERAL privacy laws PROHIBIT showing personal info(repo paperwork) to anyone other than the debtor.
What is needed to start a vehicle repo business in California?
Two years work experience under a licensed repo agency within the state of California is required before starting repo business. An exam is to be taken to be a "Qualified Manager" which is required to ?æbe stationed in all branches. A CA business license is required before operation.
Can you make payments after your car is repo?
Little late for that don't you think. If the car has already been repossessed then you now owe the repossession fees. Go to the lender sit down and work something out which is what you should have done in the first place.
